Guidelines & Regulations

Guidelines & Regulations

CIRCULAR ON RECLASSIFICATION AND VALUATION OF PENSION FUND ASSETS UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS 9)

As a follow up to the Commission’s letter of 5 November, 2020 on the above subject matter, we write to clarify and direct as follows:

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Circular on Fund Accounting

This Fund Accounting Circular is for reporting the Accounting Entries for the transfer of RSA from one PFA to another and the purchase of RLA by Retirees with their RSA balances. The provisions of this Circular are consistent with the PRA, 2014.

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REGULATION FOR THE TRANSFER OF RETIREMENT SAVINGS ACCOUNTS

Section 13 of the Pension Reform Act (PRA) 2014 specifies that a Retirement Savings Account (RSA) Holder may transfer his RSA from one Pension Fund Administrator (PFA) to another. It further specifies that such transfer should not be more than once a year. To facilitate the implementation of Section 13 of the PRA 2014, the […]

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Circular on Reprogramming RSA Balance

Procedure for reprogramming RSA balances of Retirees already on programmed withdrawal exercising their rights to transfer to Retiree Life Annuity…

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Revised Circular on Management of the Statutory Reserve Fund

Further to the Commission’s Circular Referenced PENCOM.INSP/CIR/SURV/15/15 of 22 October, 2015 on management of the Statutory Reserved Fund,  the Commission has observed the need to revise the Investment Limits in Section VI of the Circular.

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Circular On The Implementation of Nigerian Code of Corporate Governance for Pension Fund Operators (PFOs)

The Financial Reporting Council (FRC) of Nigeria had in 2018, developed and issued the Nigerian Code of Corporate Governance (The Code). The Code becomes effective from 2 January 2020. Following the issuance of the Code, each sector regulator/supervisor is expected to issue industry specific guidelines.

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